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Investments (Tables)

9 Months Ended

Sep. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Schedule of Carrying Amounts and Fair Values of Available for Sale Securities

The carrying amounts and fair values of our available for sale securities at September 30, 2019 and December 31, 2018 are as follows:



	September 30, 2019
	Carrying Value		Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
	(In millions)
Fixed maturity securities available for sale:
Corporate debt securities	$	18.7	$	19.3	$	0.8	$	(1.4	)	$	18.7
Total	$	18.7	$	19.3	$	0.8	$	(1.4	)	$	18.7



	December 31, 2018
	Carrying Value		Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
	(In millions)
Fixed maturity securities available for sale:
Corporate debt securities	$	17.8	$	18.8	$	0.9	$	(1.9	)	$	17.8
Total	$	17.8	$	18.8	$	0.9	$	(1.9	)	$	17.8

Schedule of Investment Securities in a Continuous Unrealized Loss Position

Net unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2019 and December 31, 2018 were as follows (in millions):



September 30, 2019	12 Months or Longer
	Fair		Unrealized
	Value		Losses
Corporate debt securities	$	10.6	$	(1.4	)
Total temporarily impaired securities	$	10.6	$	(1.4	)



December 31, 2018	Less than 12 Months
	Fair		Unrealized
	Value		Losses
Corporate debt securities	$	10.4	$	(1.9	)
Total temporarily impaired securities	$	10.4	$	(1.9	)

Schedule of Investments and Equity in Earnings of Unconsolidated Affiliates

Investments in unconsolidated affiliates recorded using the equity method of accounting as of September 30, 2019 and December 31, 2018 consisted of the following (in millions):



	Ownership at September 30, 2019		September 30, 2019		December 31, 2018
Ceridian	20.0	%	$	370.3	$	359.7
Dun & Bradstreet	24.3	%	446.2		—
Other	various		35.4		37.5
Total			$	851.9	$	397.2

Equity in earnings (losses) of unconsolidated affiliates for the three and nine months ended September 30, 2019 and September 30, 2018 consisted of the following (in millions):



	Three months ended September 30, 2019			Three months ended September 30, 2018		Nine months ended September 30, 2019			Nine months ended September 30, 2018
Ceridian	$	12.7		$	1.2	$	16.7		$	(20.4	)
Dun & Bradstreet	(21.4		)	—		(68.6		)	—
Other	0.4			2.6		1.1			3.5
Total	$	(8.3	)	$	3.8	$	(50.8	)	$	(16.9	)

Summarized Financial Information For Equity Method Investment

Summarized financial information for Dun & Bradstreet for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in earnings (losses) of unconsolidated affiliates in our Condensed Consolidated Balance Sheets and Statements of Operations, respectively, is presented below.

We historically reported our equity in earnings or loss of Dun & Bradstreet on a one quarter lag. In the third quarter of 2019 we began receiving financial information from Dun & Bradstreet timely and recording our equity in its losses on a real-time basis. Accordingly, our net earnings for the three and nine month periods ended September 30, 2019, include the Company’s equity in Dun & Bradstreet’s losses for the period from July 1, 2019 through September 30, 2019 and February 8, 2019 through September 30, 2019, respectively. See Note A for further information on the impact of the change in accounting principle.



	September 30, 2019
	(In millions)
Total current assets	$	373.1
Goodwill and other intangible assets, net	8,221.4
Other assets	481.2
Total assets	$	9,075.7

Current liabilities	$	833.3
Long-term debt	3,839.6
Other non-current liabilities	1,498.3
Total liabilities	6,171.2
Preferred equity	1,028.4
Total capital	1,876.1
Total liabilities and equity	$	9,075.7



	Three months ended September 30, 2019			Period from February 8, 2019 to September 30, 2019
	(In millions)
Total revenues	$	408.2		$	981.2
Loss before income taxes	(79.2		)	(277.1		)
Net loss	(54.9		)	(196.5		)
Dividends attributable to preferred equity and noncontrolling interest expense	(33.5		)	(85.3		)
Net loss attributable to Dun & Bradstreet	(88.4		)	(281.8		)

Summarized financial information for Ceridian for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in earnings (losses) of unconsolidated affiliates in our Condensed Consolidated Balance Sheets and Statements of Operations, respectively, is presented below. LifeWorks Corporation Ltd. ("LifeWorks"), a former subsidiary of Ceridian, was distributed pro-rata to Ceridian shareholders contemporaneously with Ceridian's initial public offering in April 2018. On July 27, 2018, LifeWorks was sold. The results of Ceridian for the three and nine months ended September 30, 2018 have been adjusted to remove the effects of the discontinued operations of LifeWorks as well as to reflect Ceridian's retrospective adoption of ASC Topic 606 and certain other accounting standards.



	September 30, 2019		December 31, 2018
	(In millions)
Total current assets before customer funds	$	400.3	$	330.6
Customer funds	2,604.0		2,603.5
Goodwill and other intangible assets, net	2,142.9		2,114.9
Other assets	289.0		198.8
Total assets	$	5,436.2	$	5,247.8
Current liabilities before customer obligations	$	152.8	$	149.9
Customer obligations	2,590.4		2,619.7
Long-term obligations, less current portion	659.3		663.5
Other long-term liabilities	180.6		199.2
Total liabilities	3,583.1		3,632.3
Equity	1,853.1		1,615.5
Total liabilities and equity	$	5,436.2	$	5,247.8



	Three months ended September 30, 2019			Three months ended September 30, 2018		Nine months ended September 30, 2019		Nine months ended September 30, 2018
	(In millions)					(In millions)
Total revenues	$	202.3		$	178.1	$	602.3	$	545.9
(Loss) earnings before income taxes	(2.9		)	6.5		22.7		(37.9		)
Earnings (loss) before discontinued operations	62.7			7.2		80.2		(44.2		)
Net earnings (loss) attributable to Ceridian	62.7			4.2		80.2		(58.5		)